Where are we in the battle against inflation?

In the decade that followed the Great Financial Crisis, inflation rates remained low and steady, and in some cases even threatened to turn negative, as economies around the world struggled to recover.

This era came to an abrupt end in recent years following the double economic shocks of the COVID pandemic and Russia’s invasion of Ukraine. Many central banks and senior policymakers were caught on the back foot as inflation rates soared to levels not seen for nearly half a century in some countries.

Although rates have since come down from those highs, they’re still proving tricky to completely get under control, causing concern among some observers.

This week on The Inquiry, we explore what inflation is and where it comes from, what’s been happening in recent years, and what the outlook might be.

Presenter: Tanya Beckett Producer: Ben Cooper Researcher: Katie Morgan Technical producer: Richard Hannaford Production Co-ordinator: Liam Morrey Editor: Tara McDermott

Contributors: Stephen D. King, author and Senior Economic Advisor at HSBC Vicky Pryce, Chief Economic Advisor at the Centre for Economics and Business Research Marieke Blom, Chief Economist and Global Head of Research at ING Manoj Pradham, author and Chief Economist at Talking Heads Macroeconomics